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Category: Market Summary

  • European Stocks Drift Lower as Earnings, Iran Tensions and Rate Outlook Weigh: DAX, CAC, FTSE100

    European Stocks Drift Lower as Earnings, Iran Tensions and Rate Outlook Weigh: DAX, CAC, FTSE100

    European equities traded slightly weaker in early dealings on Wednesday, with investors balancing a heavy flow of corporate results against geopolitical risks in the Middle East and upcoming central bank policy decisions.

    As of 07:34 GMT, the pan-European Stoxx 600 was down 0.1%. Germany’s DAX edged up 0.1%, while France’s CAC 40 slipped 0.2%. In London, the FTSE 100 declined 0.4%.

    Markets remain cautious as oil prices climb amid the ongoing conflict involving Iran, raising concerns about the broader impact on inflation, corporate earnings, and the trajectory of interest rates.

    Efforts to resolve tensions between the U.S. and Iran continue to stall, with little indication of progress. According to reports, Donald Trump has instructed aides to prepare for a prolonged blockade of Iranian ports, as policymakers face limited options to quickly de-escalate the situation.

    At the same time, the Strait of Hormuz remains largely inaccessible to tanker traffic. Given that the route typically handles about one-fifth of global oil flows, crude prices have remained elevated, fuelling fears of a wider energy shock.

    Earnings Parade

    Against this uncertain backdrop, a number of major European companies released quarterly updates.

    Adidas AG (BIT:1ADS) shares jumped more than 7% in early trading after the group delivered first-quarter operating profit ahead of expectations, despite what it described as a “very volatile and heavily discounted” retail environment.

    UBS Group AG (NYSE:UBS) also moved higher, supported by an 80% surge in first-quarter profit driven by strong trading and client activity amid heightened market volatility.

    STMicroelectronics (BIT:STMMI) advanced to its highest level since 2024 after reporting quarterly results that exceeded forecasts.

    Airbus SE (EU:AIR) edged up after reaffirming its full-year delivery targets, even as it continues to manage engine supply issues from Pratt & Whitney.

    Mercedes-Benz Group AG (TG:MBG) saw modest gains despite reporting lower revenue, largely due to increased competition from Chinese manufacturers.

    Banco Santander (LSE:BNC) traded near unchanged levels after posting a 12.5% rise in underlying net profit for the first quarter.

    GSK plc (LSE:GSK) fell more than 3%, even though it reaffirmed its 2026 outlook for revenue growth and expansion in core operating profit.

    Aena S.M.E. (BIT:1AENA) also declined following the release of its quarterly results.

    Looking ahead, attention is turning to the upcoming interest rate decision from the Federal Reserve later in the day. Policymakers are widely expected to leave rates unchanged, with market focus likely to shift toward guidance on the future path of borrowing costs.

  • FTSE 100 Falls as Iran Blockade Concerns Outweigh Strong Earnings

    FTSE 100 Falls as Iran Blockade Concerns Outweigh Strong Earnings

    The FTSE 100 moved lower on Wednesday as escalating geopolitical tensions overshadowed a series of positive corporate updates. Reports that Donald Trump is considering a prolonged economic blockade of Iran unsettled investors, signalling a shift toward sustained pressure rather than immediate military escalation.

    By 07:58 GMT, the FTSE 100 had declined 0.6%, while the pound weakened against the dollar to 1.3505. European markets also edged lower, with the DAX down 0.2% and the CAC 40 falling 0.4%.

    Market sentiment has been further impacted by stalled negotiations between the U.S. and Iran over Tehran’s nuclear programme, following a fragile ceasefire that has yet to evolve into a broader agreement. A key concern remains the continued disruption in the Strait of Hormuz, a critical passage for global energy supplies that typically handles around 20% of the world’s oil shipments. Iran has indicated it may maintain restrictions on the route in response to U.S. actions, heightening fears of prolonged supply constraints.

    Additional uncertainty has emerged after the United Arab Emirates signalled its exit from OPEC, potentially weakening coordination among oil producers and raising the risk of unaligned production decisions once shipping normalises. Together, these developments have kept oil prices elevated and increased concerns around inflation, tighter financial conditions, and slower global economic growth.

    UK Roundup

    Lloyds Banking Group plc (LSE:LLOY) reported first-quarter pre-tax profit of £2 billion, exceeding expectations on the back of stronger lending income. The bank also flagged risks linked to the Iran situation, taking a £151 million charge while maintaining its 2026 profit outlook.

    Aston Martin Lagonda Global Holdings plc (LSE:ASL) posted a narrower first-quarter operating loss of £56.9 million and secured £50 million in new funding from its core investor group. It reaffirmed full-year guidance but warned that instability in the Middle East could affect regional demand.

    Haleon plc (LSE:HLN) reported organic revenue growth of 2.2%, slightly missing expectations due to weaker international performance. The company maintained its full-year guidance, anticipating stronger contributions from North America.

    Jet2 plc (LSE:JET2) said summer bookings are up 7.7% year on year, reflecting resilient demand for travel. However, it noted that geopolitical uncertainty linked to Iran could affect peak-season occupancy, although fuel costs remain largely hedged.

    AstraZeneca plc (LSE:AZN) exceeded expectations in the first quarter, reporting earnings per share of $2.58 and an 8% increase in revenue to $15.29 billion, driven by strong demand for cancer treatments. The company maintained its full-year outlook.

    GSK plc (LSE:GSK) also delivered better-than-expected first-quarter results, supported by strong sales in respiratory and general medicines, outperforming analyst forecasts on both revenue and profit.

  • European stocks decline as investors await Big Tech earnings and Fed decision: DAX, CAC, FTSE100

    European stocks decline as investors await Big Tech earnings and Fed decision: DAX, CAC, FTSE100

    European equities moved lower on Tuesday, with investors adopting a cautious stance ahead of major technology earnings and the upcoming Federal Reserve policy decision.

    Geopolitical tensions also weighed on sentiment, as reports suggested the Trump administration is unlikely to accept Iran’s proposal to reopen the Strait of Hormuz while postponing discussions around its nuclear program.

    Iran’s defense ministry spokesperson Reza Talaei-Nik said the United States is no longer able to “dictate” its policies to sovereign nations and that Washington should “accept that it must abandon its illegal and irrational demands.”

    In the markets, Germany’s DAX Index fell 0.7%, France’s CAC 40 dropped 0.6%, and the U.K.’s FTSE 100 slipped 0.2%.

    Among individual stocks, Barclays (LSE:BARC) declined sharply after setting aside more than £800 million to cover potential losses linked to the collapse of a mortgage lender.

    Sweden’s Securitas (TG:S7MB) also came under pressure after reporting first-quarter earnings below expectations, impacted by currency headwinds.

    Novartis (NYSE:NVS) moved lower as the Swiss pharmaceutical group missed both sales and profit forecasts for the quarter.

    Air Liquide (EU:AI) also posted notable losses after reporting weaker-than-expected first-quarter revenue.

    Taylor Wimpey (LSE:TW.) dropped significantly after the U.K. homebuilder warned of ongoing pricing pressure and increased its expectations for build-cost inflation in 2026, citing higher energy costs.

    In contrast, Norwegian Air Shuttle (TG:NWC) surged after reporting a narrower net loss for the first quarter.

    Oil majors BP Plc (LSE:BP.) and Shell (LSE:SHEL) also gained, supported by rising crude prices, with Brent futures holding above $110 per barrel as efforts to resolve the U.S.-Iran conflict remain stalled.

  • Markets tread water as Iran tensions and earnings season take center stage: Dow Jones, S&P, Nasdaq, Wall Street Futures

    Markets tread water as Iran tensions and earnings season take center stage: Dow Jones, S&P, Nasdaq, Wall Street Futures

    U.S. equity futures traded without a clear direction on Tuesday, as investors weighed reports that President Donald Trump is dissatisfied with Iran’s latest proposal to end the ongoing two-month conflict. At the same time, corporate updates and central bank signals kept sentiment cautious. OpenAI is said to have fallen short of internal revenue goals, while BP (NYSE:BP) shares advanced on the back of stronger oil and gas prices. Meanwhile, the Bank of Japan left rates unchanged but signaled it remains prepared to tighten policy if inflation pressures persist.

    Futures drift as oil strengthens and earnings season ramps up

    At 03:28 ET, Dow futures were broadly flat, S&P 500 futures were down 14 points, or 0.2%, and Nasdaq 100 futures had declined by 117 points, or 0.4%.

    In the prior session, the S&P 500 and Nasdaq Composite both finished higher, while the Dow Jones Industrial Average ended in negative territory.

    Market participants are also bracing for one of the busiest stretches of the reporting season, with about 35% of S&P 500 companies set to release results in the coming days. On Monday, Verizon (NYSE:VZ) upgraded its full-year earnings outlook, while Domino’s Pizza (NASDAQ:DPZ) warned of weaker demand, sending its shares down 8.8%. Earnings from Visa (NYSE:V), Coca-Cola (NYSE:KO) and T-Mobile US (NASDAQ:TMUS) are due later today.

    Big Tech names later this week are expected to provide key updates on spending tied to artificial intelligence infrastructure—an area that has helped underpin equity markets despite geopolitical risks and energy-related concerns.

    Trump weighs Iran proposal as diplomatic progress stalls

    Reports indicate that Trump is unhappy with Iran’s latest offer, which would end hostilities and reopen the Strait of Hormuz but defer discussions over Tehran’s nuclear ambitions.

    Trump has repeatedly stated that dismantling Iran’s nuclear capabilities—particularly any route to a nuclear weapon—has been a central aim of the joint U.S.-Israeli offensive launched in late February. Reuters, citing a U.S. official, said this stance has contributed to his dissatisfaction with the proposal.

    Hopes for renewed talks were also dampened after Trump canceled plans to send negotiators to Pakistan for a fresh round of discussions. Iran’s foreign minister visited Islamabad twice over the weekend before meeting Russian President Vladimir Putin on Monday and securing his backing.

    Despite these diplomatic efforts, the Strait of Hormuz remains largely closed to shipping traffic. The key chokepoint, which handles roughly one-fifth of global oil flows, has been heavily restricted for weeks, helping push crude prices well above pre-conflict levels.

    Concerns are mounting that higher energy costs could trigger a renewed surge in global inflation, potentially forcing central banks to respond with higher interest rates. Brent crude futures continued to climb on Tuesday.

    OpenAI falls short of internal targets

    OpenAI has reportedly missed internal benchmarks for both user growth and revenue, according to The Wall Street Journal, raising fresh concerns over its ability to sustain heavy spending.

    The company is said to have failed to reach its target of one billion weekly active users for ChatGPT by the end of 2025 and also missed several monthly revenue goals earlier this year.

    Chief Financial Officer Sarah Friar reportedly warned executives that slower revenue growth could jeopardize the company’s ability to fund future data center commitments. Board members have also questioned recent infrastructure deals and CEO Sam Altman’s push to secure additional computing capacity.

    These concerns come as OpenAI moves closer to a potential IPO later this year, prompting a renewed focus on cost discipline and operational efficiency.

    BP shares rise on strong earnings performance

    BP (NYSE:BP) shares moved higher in London trading, supported by elevated oil and gas prices that boosted profitability.

    The company reported underlying replacement cost profit of $3.2 billion, more than doubling from $1.38 billion a year earlier, reflecting the benefits of tighter global supply conditions.

    Bank of Japan holds rates but signals tightening bias

    The Bank of Japan left its policy rate unchanged at 0.75%, in line with expectations, but warned that rising inflation and softer growth tied to Middle East tensions could shape future decisions.

    The vote was not unanimous, with three members of the nine-person board backing a rate increase—the highest level of dissent since 2016.

    The central bank stated that “[g]iven that underlying inflation has been approaching 2% and real interest rates are at significantly low levels,” it will “continue to raise its policy rate in response to developments in the economy, prices and financial conditions.”

    Analysts at Capital Economics said: “While the Bank of Japan left interest rates unchanged today, its Outlook report was hawkish and we’re sticking to our forecast that the Bank will hike rates in June.”

  • European equities edge lower as Iran talks falter and oil prices rise: DAX, CAC, FTSE100

    European equities edge lower as Iran talks falter and oil prices rise: DAX, CAC, FTSE100

    European stock markets moved into negative territory at Tuesday’s open, as investors reacted to reports suggesting U.S. President Donald Trump may reject a proposal from Iran aimed at ending the two-month conflict.

    At 07:06 GMT, the pan-European Stoxx 600 was down 0.3%, while Germany’s DAX slipped 0.2%. France’s CAC 40 also declined 0.3%, and the UK’s FTSE 100 eased 0.1%.

    According to media reports, Trump is dissatisfied with Tehran’s latest offer, which would bring an end to hostilities and reopen the Strait of Hormuz but delay negotiations over Iran’s nuclear programme.

    The U.S. president has repeatedly emphasized that eliminating Iran’s nuclear capabilities—particularly any potential to develop nuclear weapons—has been a central objective of the joint U.S.-Israeli offensive launched in late February. As a result, Reuters reported, citing a U.S. official, that Trump views the proposal unfavorably.

    Optimism around renewed diplomatic efforts weakened over the weekend after Trump cancelled plans to send negotiators to Pakistan for another round of talks.

    Iran’s foreign minister made two brief visits to Islamabad before traveling to meet Russian President Vladimir Putin on Monday, where he reportedly secured support.

    Amid ongoing diplomatic tensions, the Strait of Hormuz remains largely closed to shipping. The strategic waterway, which handles roughly one-fifth of global oil supply, has been effectively shut for weeks, pushing crude prices significantly above pre-conflict levels.

    This situation has heightened concerns that rising energy costs could fuel global inflation, potentially prompting central banks to tighten monetary policy.

    Brent crude, the global oil benchmark, continued to climb on Tuesday.

    On the corporate front, shares of BP (LSE:BP.) rose after the UK energy major reported that first-quarter profit more than doubled year on year, supported by higher oil and gas prices.

    Norwegian Air Shuttle (USOTC:NWARF) also gained ground after posting a smaller-than-expected operating loss, helped in part by hedging strategies to offset rising jet fuel costs.

    Meanwhile, shares in Novartis (BIT:1NOVN) declined after the Swiss pharmaceutical company reported first-quarter core operating profit below market expectations.

  • FTSE 100 slips as Iran tensions and oil disruption weigh on sentiment

    FTSE 100 slips as Iran tensions and oil disruption weigh on sentiment

    UK equities edged lower at the open on Tuesday, as uncertainty surrounding U.S.-Iran negotiations and ongoing disruption to oil shipments through the Strait of Hormuz dampened investor confidence. Reports indicated that Donald Trump rejected Tehran’s proposal to reopen the crucial shipping route, adding to market unease.

    By 07:13 GMT, the FTSE 100 was down 0.10%, while sterling weakened against the dollar to 1.3506. Elsewhere in Europe, Germany’s DAX dropped 0.4% and France’s CAC 40 declined 0.3%.

    Markets remained cautious after reports suggested Washington was unconvinced by Iran’s proposal, particularly as it postpones discussions over the country’s nuclear programme.

    The U.S. has continued its naval blockade, leaving the Strait of Hormuz largely closed and restricting oil flows. As a result, crude prices stayed elevated, reflecting concerns over tighter supply and the breakdown of Pakistan-brokered talks over the weekend.

    Although an indefinite ceasefire remains in place, both sides appear reluctant to enter direct negotiations, increasing the risk of a prolonged diplomatic deadlock.

    UK Roundup

    BP (LSE:BP.) reported that a short-lived power outage at its refinery in Whiting, Indiana, forced the shutdown of one processing unit.

    Ineffable Intelligence secured $1.1 billion in seed funding led by major U.S. venture capital firms, with participation from the UK government.

    Chancellor Rachel Reeves is facing pressure from a House of Lords committee to commit to reducing public debt within three years.

    Retailers’ Easter promotions on items such as chocolate, home improvement products and clothing helped ease shop price inflation in April.

    A consumer advocacy group has launched a legal challenge against the £9.1 billion motor finance compensation scheme, drawing criticism from regulators.

    UK consumers’ inflation expectations declined in April, according to a YouGov survey conducted for Citigroup.

  • Futures Indicate Muted Start for Wall Street: Dow Jones, S&P, Nasdaq

    Futures Indicate Muted Start for Wall Street: Dow Jones, S&P, Nasdaq

    U.S. equity futures suggest a subdued opening on Monday, with markets expected to tread water after the strong rebound seen at the end of last week.

    Investor sentiment remains cautious, as uncertainty lingers in the Middle East following the breakdown of U.S.-Iran negotiations over the weekend.

    With talks between Washington and Tehran entering a more uncertain phase, reports indicate that Iran has proposed reopening the Strait of Hormuz and ending the conflict, while postponing discussions over its nuclear programme.

    Attention is likely to shift toward corporate earnings in the days ahead, with five members of the “Magnificent Seven” set to release quarterly results this week.

    Markets are also closely watching the Federal Reserve’s policy decision due on Wednesday. While rates are widely expected to remain unchanged, the Fed’s accompanying statement may offer insight into the future direction of monetary policy.

    After a weaker showing on Thursday, stocks rebounded on Friday, with the Nasdaq and S&P 500 both recovering losses and finishing at record closing highs.

    The Nasdaq led the gains, rising 398.09 points, or 1.6%, to 24,836.60, while the S&P 500 added 56.68 points, or 0.8%, to 7,165.08.

    The Dow Jones Industrial Average, however, moved lower, slipping 79.61 points, or 0.2%, to 49,230.71, dragged down by declines in Merck & Co. (NYSE:MRK) and Verizon Communications Inc. (NYSE:VZ).

    On a weekly basis, the Nasdaq gained 1.5% and the S&P 500 rose 0.6%, while the Dow posted a 0.4% loss.

    The broader market recovery was helped by a sharp rally in Intel Corporation (INTEL:INTC), which surged more than 23% to a record closing high.

    Intel’s jump came after the chipmaker reported first-quarter earnings that exceeded expectations and issued second-quarter revenue guidance above analyst forecasts.

    Procter & Gamble (NYSE:PG) also advanced notably after delivering stronger-than-expected fiscal third-quarter results.

    Investor sentiment was further supported by a pullback in oil prices, which had surged in recent sessions.

    U.S. crude futures dropped more than 1% following a Reuters report that Iranian Foreign Minister Abbas Araqchi was set to travel to Pakistan for talks with the United States.

    Araqchi stated on X that the visit would focus on bilateral issues and regional developments, without providing additional details.

    According to CNN, U.S. envoy Steve Witkoff and Jared Kushner are expected to represent the United States, with Vice President JD Vance stepping in if needed.

    Meanwhile, Donald Trump’s decision to extend the ceasefire between Israel and Lebanon by three weeks also contributed to easing pressure on oil prices.

    Semiconductor stocks rallied alongside Intel, with the Philadelphia Semiconductor Index climbing 4.3% to a record close.

    Gold-related shares also moved higher as bullion prices increased, pushing the NYSE Arca Gold Bugs Index up 2.3%.

    Software stocks rebounded after Thursday’s decline, with the Dow Jones U.S. Software Index rising 2.1%.

    Oil services and computer hardware sectors also posted gains, while telecom, pharmaceutical and banking stocks came under pressure.

  • European Stocks Edge Higher After Wall Street’s Record Finish: DAX, CAC, FTSE100

    European Stocks Edge Higher After Wall Street’s Record Finish: DAX, CAC, FTSE100

    European equities traded mostly in positive territory on Monday, taking cues from Wall Street, where major indices closed the previous week at record highs.

    Markets are navigating renewed uncertainty surrounding U.S.-Iran relations, with media reports indicating that Iran has proposed reopening the Strait of Hormuz and ending the conflict, while deferring discussions on its nuclear programme.

    Investors are also focusing on upcoming interest rate decisions from leading central banks, including the Federal Reserve, the European Central Bank, the Bank of Japan and the Bank of England.

    On the economic front, German consumer confidence is expected to weaken significantly in May, as rising inflation linked to the Iran conflict weighs on income expectations. Data from the NIM Consumer Climate survey powered by GfK showed the forward-looking index falling to -33.3 from -28.1 in April, marking its lowest level since February 2023.

    Among major indices, the DAX was up 0.8%, while France’s CAC 40 gained 0.4%. The UK’s FTSE 100 hovered just below flat.

    At the stock level, Santhera Pharma (LSE:0QN1) advanced after the Swiss specialty pharmaceutical group announced a positive CHMP opinion supporting an expanded use of AGAMREE.

    AstraZeneca plc (LSE:AZN) also moved higher in London following news that its Saphnelo treatment secured FDA approval as a once-weekly autoinjector for adults with systemic lupus erythematosus.

    Meanwhile, German wind turbine maker Nordex SE (TG:NDX1) surged after reporting first-quarter results that exceeded analyst expectations.

  • U.S.-Iran Deadlock Pressures Futures as Earnings Season Gets Underway: Dow Jones, S&P, Nasdaq, Wall Street

    U.S.-Iran Deadlock Pressures Futures as Earnings Season Gets Underway: Dow Jones, S&P, Nasdaq, Wall Street

    U.S. stock futures moved lower early Monday after Donald Trump scrapped plans to dispatch negotiators for renewed discussions with Iran, extending the standoff between Washington and Tehran. The ongoing closure of the Strait of Hormuz continues to support higher oil prices. Meanwhile, Verizon Communications Inc. (NYSE:VZ) is set to kick off a busy week of corporate earnings, including updates from major artificial intelligence players.

    Futures slip

    As of 03:30 ET, Dow futures were down 86 points, or 0.2%, while S&P 500 futures dipped 0.1% and Nasdaq 100 futures also declined by 0.1%. Markets are bracing for a packed week featuring a wave of earnings releases, key central bank decisions, and any developments tied to U.S.-Iran relations.

    Major indices had ended last week on a stronger note, supported by expectations that talks between the U.S. and Iran could resume and potentially lead to the reopening of the Strait of Hormuz. However, sentiment shifted after Trump cancelled the planned negotiations in Pakistan, signalling that the disruption to the key oil transit route may persist. He added that Tehran can “call me” because Washington holds “all the cards.”

    Oil rises amid ongoing tensions

    Uncertainty around the next phase of diplomacy remains a central focus for investors. Analysts at Vital Knowledge said that “there will probably be a million more Iran headlines” for markets to digest in the coming days.

    According to Axios, Iran has presented a new proposal to the United States aimed at reopening the Strait of Hormuz, ending hostilities, and postponing nuclear negotiations. Despite this, supply flows through the passage remain constrained, pushing oil prices higher.

    Brent crude futures rose 2.4% to $107.87 per barrel, while West Texas Intermediate futures climbed 2.3% to $96.58 per barrel.

    Verizon to lead earnings wave

    The earnings season begins in earnest with Verizon Communications Inc. (NYSE:VZ), which is due to report ahead of the market open. Consensus estimates compiled by Bloomberg suggest a decline of 89,169 retail postpaid subscribers. Adjusted EBITDA is forecast at $13.14 billion on revenue of $34.8 billion.

    Investors will be watching Verizon’s efforts to integrate its wireless and broadband offerings to drive subscriber growth, particularly following the expansion of its fiber footprint through the acquisition of Frontier Communications.

    In January, Verizon issued a positive outlook for full-year earnings and free cash flow, and announced its first share buyback programme in nearly six years.

    The week will also bring results from major technology names such as Alphabet and Microsoft, with markets closely focused on updates regarding their significant investments in artificial intelligence, seen as crucial to sustaining growth in the sector.

    Budget airlines seek government support

    A group of U.S. low-cost airlines, including Frontier and Avelo, is seeking $2.5 billion in government assistance in exchange for warrants that could convert into equity, according to a report by The Wall Street Journal.

    The figure reflects higher anticipated fuel costs, with projections assuming jet fuel prices will average above $4 per gallon for the remainder of the year. Discussions over a potential aid package are expected to continue in the coming days.

    Airlines globally have been under pressure from rising fuel costs, driven by supply disruptions linked to geopolitical tensions involving Iran.

    Bank of Japan decision in focus

    Attention is also turning to the upcoming policy decision from the Bank of Japan, which is widely expected to leave interest rates unchanged following its April 28 meeting.

    The central bank is projected to hold its benchmark rate at 0.75%, marking a third consecutive pause after a rate increase in December. While markets had previously expected another hike, recent signals from policymakers have pointed to a more cautious stance.

    Uncertainty surrounding the Iran conflict and its economic implications may encourage the Bank of Japan to adopt a wait-and-see approach, although it is still expected to maintain a relatively hawkish outlook and potentially raise inflation forecasts amid higher energy and shipping costs.

  • European Stocks Muted as U.S.-Iran Talks Stall: DAX, CAC, FTSE100

    European Stocks Muted as U.S.-Iran Talks Stall: DAX, CAC, FTSE100

    European equity markets showed little direction on Monday as investors weighed the lack of progress in negotiations between the United States and Iran, raising concerns that disruptions to key oil supply routes could persist.

    By 07:02 GMT, the Stoxx Europe 600 was flat, while the FTSE 100 also held steady. Germany’s DAX advanced 0.3%, and France’s CAC 40 gained 0.2%.

    Over the weekend, Donald Trump cancelled plans to send negotiators to Pakistan for renewed discussions with Iran, stating that Tehran can “call me” as the U.S. holds “all the cards.”

    The deadlock points to a likely continuation of shipping restrictions imposed by both sides in the Strait of Hormuz, a strategic passage responsible for around one-fifth of global oil flows, despite the presence of a fragile ceasefire.

    However, Axios reported that Iran has put forward a fresh proposal to Washington aimed at reopening the strait, ending hostilities, and postponing nuclear negotiations.

    In company news, Nordex SE (TG:NDX1) jumped more than 9% in early trading after reporting first-quarter underlying earnings ahead of expectations.

    Meanwhile, Forvia (EU:FRVIA) announced the sale of its interiors division to Apollo for €1.82 billion, sending its shares up over 3%.